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Attorneys for San Antonio-based TXCO (NASDAQ: also filed a motion with the Bankruptcy Courrt seeking approval foranticipated debtor-in-possession financing with prospective lenders. TXCO is currently in negotiationswith Ltd. and potentially others for a multiple draw-term loan facility with a totakl aggregate principal amountof $32 million. The debtor-in-possessiob financing would allow TXCO to conducyt businesswithout interruption. TXCO is working to minimizes the impact of the bankruptchy filing onits operations, customersx and employees. However, the bankruptcy court will have to approv e anyfinancing arrangement. U.S. Bankruptcy Judgse Ronald B.
King is handling the case at theWesterbn District’s office in San Antonio. TXCO officials say the bankruptcy filint was precipitated by a series of events that severel impactedthe company’s liquidity. Particularly, extreme volatilith in energy prices and a crumblinv global economy have made it difficult for TXCO to raised equity capitalor debt, according to a statement released by the According to the bankruptcy filing, TXCO has assetd of $431.9 million and total debts of $322.8 million. The companyh also has more than 38 million share of commonstock TXCO’s largest shareholder is , a company based in Heartland owns 9.
1 percent of the company’x total stock, according to TXCO’ bankruptcy petition. The company’a top five largest unsecured creditors, the bankruptcy petitionb shows, are Houston-based ($8 million); in Uvalde ($5.e million); Dallas-based ($5.1 million); in Dalla ($4.2 million); and in Houstonm ($2.9 million). The company also has retained Albergt S. Conly of to servw as the chief restructuring officer to assisgt TXCO in the Chapter11 reorganization. LLC has been retainef as financial advisers andinvestment banker. Goldman, Sachs & Co. has been hirer as a financial adviser in connection with any potential sale of assets proposed undefr thisbankruptcy filing.
TXCO is representee locally by bankruptcy attorneysDeborah D. Williamso n and Lindsey D. Graham with TXCO is an independen oil and gas company with interests in theMaverick Basin, the onshoree Gulf Coast region and the Marfw Basin of Texas and western Oklahoma. www.txco.comm
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